- Compare what you get in your previous scheme and what you’ll get with USS, including the flexibilities available when it comes to taking your savings.
- Consider the costs in both schemes. We don’t charge to transfer in to USS but there are investment management fees you should to be aware of for pension savings transferred in. Find out more in our investment guide.
- Consider the investment options available to you in both schemes – take a look at our investment guide for more information.
Transfer your pension from somewhere else
If you have pension savings elsewhere that you haven’t started taking and that scheme is registered with HMRC, you could transfer these to the Investment Builder (the defined contribution part of USS).
Who can transfer in?
Members who are still paying in to USS can request to transfer in.
Is transferring right for you?
You should consider what type of scheme you’ll be transferring from and whether transferring in to USS is in your best interests – we’ve included a few things to think about below.
If you aren’t sure what type of scheme you’re transferring from, visit our glossary for information on defined benefit and defined contribution schemes.
Getting financial advice
You may want to take financial advice if you’re not sure what’s right for you. You can find information on how to access an independent financial adviser and a range of other resources on the guidance and financial advice page.
If you’re transferring safeguarded benefits (like defined benefits) from another scheme to the Investment Builder (check with your current scheme if you’re unsure), and all those benefits are valued at more than £30,000, the law requires you to get appropriate independent advice.
Please note: Your independent financial adviser must be authorised by the Financial Conduct Authority (FCA) and have the correct permission to provide advice on pension transfers. To check if your independent financial adviser is authorised, visit the Financial Services Register.
What you need to do
If you decide to transfer, log in to My USS and complete the Transfer in request form to start the process.
Take a look at our transfer in timeline for more on what happens when, and what you need to do.
How long the process takes
How long it takes depends on how quickly your other scheme processes the request. As a rough guide, once you’ve sent your forms to us and we have the other forms from your previous scheme, it can take up to eight weeks or more before the money is processed and invested.
For more information take a look at our transfer in timeline.
Manage your savings in My USS
You can manage your Investment Builder savings and make investment choices in My USS. Log in to My USS to make your investment choices so we know where to invest your savings once your transfer’s complete.
Remember to set your Target Retirement Age (TRA) in My USS too. This is the age you plan to start taking your Investment Builder savings. It doesn’t have to be the same age that you start taking your Retirement Income Builder benefits. It’s important as it tells us when to start moving your investments if we’re managing them for you.
Find out more about your investment options, including a short video on Your Investment Choices, on our Investment Builder page.